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How much life insurance do you need?

Would you be able to provide the £100,000 lump sum or £1,771 monthly post-tax income that the average person thinks their family would need to protect their way of life if they lost their income?

How long could your family cope? Find out how life could change in just 46 days

46 days is the average amount of time that a UK family could sustain its lifestyle if it lost its income according to new Post Office Money research – but how does your family compare?

 

How much life insurance do I need?

What is your monthly income after tax?

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Question 1 of 6

Question 1 of 6

Maybe you’re aged under 35, you rent your property or you work in the retail industry?

All of these groups were found to be particularly vulnerable if they were to suddenly lose their income.  

It’s very possible you’re one of the 62% of people without any form of life insurance cover. Or one of the 81% without a policy that includes critical illness protection should you fall ill. It may be that you are just like Tom who discovered he might need a lot more than he thought to make sure his family are secure when using the Post Office Life Insurance Calculator.

“ I was so surprised when I saw the figure, really quite shocked at the size of the amount. It was a really scary moment, realising how much I would need to leave behind in case anything was to happen to me – and knowing how far away it is from what I have saved now.”

Why might life insurance cover or critical illness cover work for you?

For most people, it’s the peace of mind the products provide (41%). But more often than not it’s the impact of an emotional moment in someone’s personal life that really motivates them to request a quote and get on top of their insurance. Common triggers for people taking out life insurance cover include finally getting on the property ladder (28%), getting hitched (11%) or becoming a parent for the first time (15%). 

Jen had already begun to consider the benefits of life insurance when she bought her first home… but it really hit home when she realised she was about to be a mum.

This was something that also – quite literally – hit home for fitness blogger Paul who knew that he not only had to invest time and energy in his health and fitness but also needed a “Plan B” to protect his family should the unexpected happen.

So, how does your family compare? Find out how much you could need to protect life as you know it using the Post Office Life Insurance Calculator.

Find out more about Tom, Jen and Paul here.

Take out a Life Insurance policy from just £7 a month - that's 24p a day

Some common questions

How long do I pay my monthly payments for?

Your monthly payments will continue until the earliest of these:

  • The end of the term of your policy
  • Your death
  • Our acceptance of your diagnosis of a terminal illness

If you make a claim after being diagnosed with a terminal illness, please don't stop paying your monthly payments until we've confirmed your terminal illness meets our definition, as per the Terms and Conditions. 

 

When will my policy pay out?

A cash sum payment will be made if you die within the term of the policy. We'll pay it out early if you're diagnosed with a terminal illness that meets the definition (as per the Terms and Conditions) with a life expectancy of less than 18 months. We only pay out for terminal illness once, and the policy will end once we do.

The policy is not guaranteed to pay off your loan or mortgage (if this is the purpose of the policy).

The policy has no cash in value. The policy ends if you stop making monthly payments during the payment term. Your cash sum is dependent on your age and your chosen monthly payment amount.

When you apply it is important that you answer our application questions honestly and accurately, as proving incorrect answers could mean that a claim is not paid.

I don't have a mortgage. Why do I need life insurance?

Even if you don't have a mortgage, life insurance could help your family cover the cost of everyday living and maintain their lifestyle. Things like rent, private or university education costs, birthdays, weddings. Even domestic tasks if whoever's left behind works and has to pay someone to do them after you're gone.

What is Critical Illness Benefit?

It pays a cash sum if you suffer from heart attacks, strokes (depending on the severity) or certain types of cancers that meet our definition, during the term of your Life Insurance policy.

At such a difficult time, it can ease financial pressures on you, your family or your partner – like helping pay for a mortgage, rent, everyday living costs, even modifications needed to your home as a result of your illness.

Find out more about our Critical Illness Benefit

 

How does someone claim on my policy?

Losing a loved one is a difficult time. The last thing those you leave behind need is a drawn out claims process. When the time comes, we'll make it easy for your personal representatives to claim the cash sum from your policy.

If you've recently lost someone and need to claim, you can find all of the information you need here.

 

Call us now

For an instant quote or answers to your questions.

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09.00 - 17.00 Saturday